Collaborating with Ric - how it works
Here are some guidelines as to how Ric Richardson works with collaborators in his projects.
From Inception to Prototype and pre commercialisation:
- Typically Ric funds the early stages of a project himself with as little investment as possible to test and verify a projects viability and to establish patent rights if at all possible.
- Ric spends approximately $40-300k per project depending on its complexity before deciding if he will commercialise the project.
- He generally does not formalise an operational team for the project as this decision will be made by the execution partner that Ric chooses to formally roll-out the business.
- Of course anyone who has contributed to the research and development stage of the project will be considered for permanent positions in the project however the decision ultimately rests with Ric’s execution co-founder.
- If a significant contribution has been made by a collaborator then if the prospective execution co-founder does not take up the option to include the person Ric usually makes arrangements for them to participate in some way in his side of whatever deal is struck at the time of incorporation and formal business setup.
- If a collaborator is not looking to participate in the project on an equity basis then the collaborator is invited to submit quotes for their work which Ric may or may not proceed with.
- On occasion Ric also undertakes a repayment program based on multiples of what would be charged up front. For example if a person would charge 10k for a service but sets off payment until patent sale for example Ric has been known to pay 2-5 times the amount as a payback reward from a patent sale or capitalisation round depending on how long it takes for the invention to be sold or funding found.
From Commercialisation stage forward:
- As soon as an execution partner is found Ric will delegate all operational and executional decisions to his cofounder even if he continues to be actively involved in the business.